Are Analytics Still a Challenge for You?
October 3, 2017
For event planners and marketers, analytical reports can be gold mines for driving registrations, adoption of tools and calculating ROI. However, the true potential of analytics remains underutilized in testing the effectiveness of marketing efforts, testing new audience segments and creating impactful cross-promotional efforts. This is mostly because there are a plethora of options and features available, as well as disconnected channels that add significant complexity to the analytical process and make accurate attribution extremely difficult.
If you have been struggling with putting your data to work for driving positive change within your organization, here are five essential techniques that can help you build accurate and effective reports.
- Use Campaign Tracking Parameters
Add URL parameters to your links in web ads, emails and social media posts to capture campaign source, medium, term, content and name. This will enable you to analyze your traffic patterns and campaign ROI in detail. Google provides an easy tool for adding appropriate parameters to your links.
- Monitor in Real Time
If your marketing automation system and/or analytics tracking solution provides this feature, then make the most of it. Monitor the audience engagement immediately after launching a new promotion since that is the time when you’ll probably see the most activity. This will help you not only understand which channels are delivering maximum value but also make improvements and corrections to your messages if needed.
- Compare Different Date Ranges
Add depth to your analysis by doing week over week, month over month and year over year comparisons to get insights on whether critically important factors such as the audience size, page views, revenue and more are growing per your expectation.
- Compare with Industry Benchmarks
Gain a better understanding of the trends occurring in your industry by comparing the performance of your assets with aggregated industry data. If possible, refine by geographical location, organization size and other categories, to get a more accurate picture of the space your company and events are a part of.
- Analyze for Mobile Devices and Platforms
Increasingly, the share of mobile devices is growing significantly for email and social engagement, as well as for searches and sales. To tap into the new opportunities that this presents, you first need to know what volume of your traffic is coming from mobile devices and platforms, and then analyze what content triggers deeper engagement on these.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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